Eth lagging behind as usual, diamond or H&S?
Btc broke out of a diamond pattern today after having somewhat of a nasty dump I was anticipating, pulling back down to approx 54k, it was fiercely bought up and recovered, this morning’s breakout hit 57.8k. Currently cooling off.
Eth has been lagging under the weight of Btc momentum as it often does, and tends to move in a similar fashion, again just taking a littler longer, and less powerful.
Eth chart is more concerning at the moment. Rather than a diamond reconsolidation, it is beginning to look more H&S reversal at this point. The signs started a couple of days ago as it appeared H&S and broke up instead, negating the pattern. Again, the problem with H&S is that it isn’t until it is breaking the neckline. Too often does crypto paint this pattern only to negate it. What it’s starting to look like now though, is a repeat in the rsi of clear H&S with declining strength. Left shoulder we saw it appear in rsi, unsuccessful it broke up to the head, head successfully completed pattern breaking down, now creating a right shoulder, resistance under trend previous support line. If we see a 3rd H&S in rsi during this right shoulder formation, it could confirm bigger H&S structure, indicating a volatile correction to follow. It could also just complete a diamond pattern and breakout upward, again just lagging behind Btc. My chart is a bit convoluted at the moment, I have a lot of white r&s lines to track the trend of the current PA movement. The purple lines are r&s neck area.
So, Eth could follow Btc into a diamond pattern upward breakout and just take a bit longer, or it could be painting a clearer picture of an H&S correction move in the works. EMAs currently mixed, but able to make a powerful move either direction. RSI still looking like more downward correction would be healthy.
Btc target hi 58.5, mid 55, lo 52. Looking more bullish.
Eth target hi 2050, mid 1900, lo 1840, and possibly lower to 1740-1760 area and below. Looking more bearish.
These are intended only for my personal notes and observations, not a suggested trade or financial advice of any kind. I’m still learning and am wrong a lot, I didn’t expect this current price action to continue as it has, Btc surprises me everyday.
Eth has been lagging under the weight of Btc momentum as it often does, and tends to move in a similar fashion, again just taking a littler longer, and less powerful.
Eth chart is more concerning at the moment. Rather than a diamond reconsolidation, it is beginning to look more H&S reversal at this point. The signs started a couple of days ago as it appeared H&S and broke up instead, negating the pattern. Again, the problem with H&S is that it isn’t until it is breaking the neckline. Too often does crypto paint this pattern only to negate it. What it’s starting to look like now though, is a repeat in the rsi of clear H&S with declining strength. Left shoulder we saw it appear in rsi, unsuccessful it broke up to the head, head successfully completed pattern breaking down, now creating a right shoulder, resistance under trend previous support line. If we see a 3rd H&S in rsi during this right shoulder formation, it could confirm bigger H&S structure, indicating a volatile correction to follow. It could also just complete a diamond pattern and breakout upward, again just lagging behind Btc. My chart is a bit convoluted at the moment, I have a lot of white r&s lines to track the trend of the current PA movement. The purple lines are r&s neck area.
So, Eth could follow Btc into a diamond pattern upward breakout and just take a bit longer, or it could be painting a clearer picture of an H&S correction move in the works. EMAs currently mixed, but able to make a powerful move either direction. RSI still looking like more downward correction would be healthy.
Btc target hi 58.5, mid 55, lo 52. Looking more bullish.
Eth target hi 2050, mid 1900, lo 1840, and possibly lower to 1740-1760 area and below. Looking more bearish.
These are intended only for my personal notes and observations, not a suggested trade or financial advice of any kind. I’m still learning and am wrong a lot, I didn’t expect this current price action to continue as it has, Btc surprises me everyday.
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